A legal guide to
real estate investments
in the Netherlands
Edited by David van Dijk and Paul Loeb
A legal guide to
real estate investments
in the Netherlands
Edited by David van Dijk and Paul Loeb
© NautaDutilh N.V.
All rights reserved. No part of this publication may be reproduced,
stored in a retrieval system, or transmitted in any form or by any
means - electronic, mechanical, photocopying, recording or
otherwise - without the prior written permission of NautaDutilh.
ISBN: 978-90-825336-1-3
This book provides an introduction to Dutch real estate law, one of the core disciplines of NautaDutilh.
About NautaDutilh
NautaDutilh is one of Europe’s leading law firms. The firm’s real estate practice is united in the Real Estate
Services Group. The Real Estate Services Group focuses on all legal and tax disciplines relevant to the
real estate sector – both domestic and cross-border – including construction law, real estate development,
spatial planning, environmental law, investments and dispositions, finance, asset management, tax and tax
structuring, regulatory aspects, energy, PPP/PFI, procurement, litigation and notarial services.
The Real Estate Services Group offers an integrated practice and seamless service in the real estate
industry across the Benelux region, drawing on the collective strength and expertise of the firm’s offices in
Amsterdam, Rotterdam, Brussels and Luxembourg, as well as London and New York.
About the authors
The authors who contributed to this book are all associated with the Real Estate Services Group as
associates or partners, and they all qualify as specialists in their respective fields in the Dutch real estate
sector. Many of the authors are also associated with academic institutions. An overview of the authors can
be found on page 234-237 of this book.
This publication could not have been realised without an enormous amount of help from the professionals
of our firm’s Real Estate Knowledge and Information Center. They support the real estate practice on a
daily basis by processing large quantities of legal information and market data and drafting and amending
the many models and systems that enable us to achieve our quality and service targets.
DAVID VAN DIJK
CHAIRMAN REAL ESTATE SERVICES GROUP NAUTADUTILH N.V.
4
Table of contents
Table of contents
Chapter 1 Introduction to the Dutch real estate investment climate The Netherlands as a political and economic safe haven Dutch real estate market in 2014 - 2015
9
9
9
Forecast 2016-2020
12
Dutch legal landscape
13
Chapter 2 Rights in real estate
19
Introduction19
Types of rights in rem
19
Creation and transfer of rights in rem
21
Land register
21
Other potential third-party rights
22
Chapter 3 Leases
23
Introduction23
General statutory provisions – lessor’s obligations
23
General statutory provisions – lessee’s obligations
24
General statutory provisions – other rules
24
Residential premises
25
230a premises
27
290 business premises
27
Lease contracts
29
Chapter 4 Guarantees
31
Security under real estate law and security under the law of obligations
31
Bank guarantees and group guarantees
31
Handover defects
32
Rent guarantees
32
Guarantees in bankruptcy
32
403 Statement
33
Chapter 5 Sale of real estate
35
Introduction35
Sale and purchase process
35
5
Chapter 6 Common vehicles for holding and investing in real estate
41
Introduction41
NVs and BVs
41
Limited partnerships (CVs)
47
Mutual funds (FGRs)
48
Luxembourg investment vehicles
48
Chapter 7 Commercial real estate financing
55
Key players
55
Loan documents
55
Closing mechanics
56
Security58
Enforcement60
Insolvency61
Chapter 8 Financial regulation
63
Introduction63
Mortgage loans
63
AIFMD: Real estate investment fund regulation
64
AIFMD: Light regime
64
AIFMD: Fund managers from another EU member state
65
AIFMD: Fund managers from non-EU countries
65
Chapter 9 Non-consensual workout scenarios for distressed real estate loans
67
Introduction67
Scenario 1: E
nforcement of mortgage: exercise of the mortgagee’s power of sale
68
Scenario 2: Takeover by mortgagee of property management (inbeheerneming)70
Scenario 3: Instigate bankruptcy proceedings and strike a deal with a bankruptcy
trustee on property management and sale process
72
6
Table of contents
Chapter 10 Reasonableness and fairness 75
Introduction75
Pre-contractual good faith
75
Phases of pre-contractual relationships
75
Preventing pre-contractual binding
76
Chapter 11 Taxation of real estate
77
Introduction77
Corporate income tax
77
Personal income tax
82
VAT83
Real estate transfer tax (RETT)
86
Other taxes and duties
87
Local taxes and charges
87
Financing the acquisition of Dutch real estate
88
Chapter 12 Zoning and environmental issues
89
Zoning89
Expropriation and preferential rights
90
Integrated environmental permit
90
Environmental rules
91
Soil pollution
92
Environmental audit
92
Chapter 13 Construction
93
Introduction93
UAV93
UAV-GC, DBFM, BOT or BOOT
93
Construction contracts
94
Payments and default
94
Bankruptcy95
Insurance95
Disputes96
Foreign contractors
96
7
Chapter 14 Public procurement and competition law
97
Public procurement law
97
Competition law
99
Chapter 15 Public-private partnerships
103
Introduction103
Procedure/Phases104
Framework: Agreements and risk allocation
Chapter 16 Thermal energy & supply of heating
105
109
Thermal energy storage systems
109
Deep geothermal energy
111
Heating Supply Act: maximum price for small-scale users
111
Subsidies112
Chapter 17 Court system and alternative dispute resolution
113
Introduction113
District Courts, Courts of Appeal and the Supreme Court
113
Administrative law and procedure
114
Alternative dispute resolution
116
Authors234
Offices238
Amsterdam238
Brussels238
London238
Luxembourg238
New York
238
Rotterdam238
8
Table of contents
9
Chapter 1
Introduction to the Dutch
real estate investment
climate
The Netherlands as a political and economic safe haven
Thanks to its stable political and economic climate, Western Europe is a popular investment region for
many real estate investors and financiers. That is particularly true of the Netherlands. With its seaports and
airports, the Netherlands is one of Europe’s most important logistics ports and transit regions.
Because many of the main transatlantic data connections between the United States and continental
Europe are routed through the Netherlands, the Netherlands has retained its position as a logistics hub
even in the digital era of the 21st century.
Dutch real estate market in 2014 - 2015
After lying low for a number of years following the global financial crisis, the Dutch real estate market flared
back to life in 2014 and 2015, reaching new highs amid intense investor interest, mainly from abroad. Lured
by bargain prices and improving economic fundamentals, international investors swooped on assets in all
sectors, helping to send the year-end volume to over € 10 billion, double the figure for 2013 and not far
off the € 11-12 billion seen during the boom years. Amsterdam was the fifth-largest investment market in
Europe in 2014 with a volume of almost € 2.3 billion, up from € 1.6 billion in 2013.
The momentum continued into 2015 as investors continue to buy into the market upswing. The capital
chasing assets in the Netherlands ranges from Anglo-American private equity to home-grown and
international – particularly German – institutional money. Foreign investors dominated the scene in 2014,
accounting for 65% of investments against 35% for domestic players, according to data compiled by
PropertyEU. US capital was particularly prominent, capturing 27% of the total volume compared with 14%
for German investors, traditionally the biggest investor group in the Netherlands.
Blackstone and Lone Star – the two big US hunters, along with Cerberus, of distressed assets across
Europe – clinched some of the biggest Dutch deals in 2014 and were joined by German institutional stalwarts
of the likes of Union Investment and Deka as well as newcomers Round Hill Capital and Patrizia Immobilien.
10
Chapter 1: Introduction to the Dutch Real Estate Investment Climate
Despite the ongoing malaise in the sector, offices were the most sought-after asset class, accounting for
39% of the investment total, followed by rental homes (26%), retail (13%) and industrial assets (12%). In
terms of locations, Amsterdam took the lead with € 2.45 billion of transactions, followed at some distance
by Rotterdam (€ 700 million), The Hague (€ 400 million), Utrecht (€ 200 million) and Eindhoven (€ 100 million).
Lone Star and Blackstone both did business with CBRE Global Investors in the Netherlands in 2014 as
the investment manager offloaded assets from its Dutch Office Fund (DOF) as well as residential and
retail properties. Lone Star hit the market big time in July with its first-ever Dutch acquisition of 32 office
buildings from CBRE GI’s DOF for € 382 million. A few months later, the US investor swooped again with
the purchase of five offices from Germany’s IVG for a sum believed to be in the vicinity of € 70 million. It
followed this up in April 2015 with a smaller office purchase in Amsterdam, but at a hefty discount. Lone
Star paid about € 58 million for the INIT property for which the vendor, Pramerica, had paid € 100 million
in 2007.
Not to be outdone, US peer Blackstone was also active in the market, acquiring 14 retail assets from CBRE
GI on behalf of its European retail platform Multi Corporation. Financial details were not disclosed but
the deal is estimated at around € 240 million. A year earlier, in October 2013, Blackstone had completed
the acquisition of European shopping centre developer Multi Corporation in what at the time was one of
Europe’s largest real estate-related distressed transactions since the onset of the credit crisis.
Multi ultimately aims to build up a portfolio of between € 5-10 billion over a three-year period. The
US asset manager was also active in the office and logistics sector, acquiring consumer goods group
Unilever’s Dutch headquarters in Rotterdam from UBS for around € 52 million, as well as the new head
office of global IT services company Capgemini near Utrecht and three logistics assets from CBRE GI
for just under € 100 million.
Blackstone and Lone Star were not the only investors to raise an American flag on Dutch soil in 2014. In
February, opportunistic investor Mount Kellet Capital Management completed the joint venture acquisition
of 10 shopping centres from listed retail specialist Corio at a discount approaching 30%. Founded in 2008
by two former Goldman Sachs partners, Mount Kellet works together with retail fund manager Sectie5
Investments in the Netherlands.
German investors Union Investment and Deka – no strangers to the Dutch market – also captured a fair
share of single-asset activity in 2014. Union bought the ITO + SOM office complex in Amsterdam’s Zuidas
business district from Commerz Real for € 244 million while Deka acquired the spanking new, ultra-green
office development The Edge in the same area for € 200 million. Together Union and Deka have virtually
cleaned out all the prime office assets that were up for sale in Amsterdam’s Zuidas. It was no coincidence
that the headline on the 30 August 2014 edition of the Dutch newspaper Het Parool was in German:
“Herzlich willkommen an der Süd-Achse” (A Warm Welcome to the Zuidas).
11
But the real surprise in 2014 was a rash of big residential deals involving cross-border money as government
deregulation opened the market up to foreign capital. In total, foreign investors splurged more than € 1.5
billion on Dutch residential property in 2014, according to figures from advisory firm Capital Value. UKbased Round Hill Capital, an investor and asset manager with around € 4.4 billion of European property
assets under management, was the largest newcomer on the scene, acquiring major portfolios from the
likes of CBRE GI, housing association Wooninvesteringfonds (WIF) and Dutch ‘bad bank’ Propertize. It
spent a total € 680 million on Dutch residential assets in 2014 and struck a further two deals in 2015
totalling around € 100 million.
Nevertheless, the biggest single transaction in 2014 was struck by Germany’s Patrizia, which acquired a
portfolio for € 578 million from ailing Dutch housing association Vestia as part of its strategy of becoming
Europe’s leading real estate investment company. Overall, the Augsburg-based company has acquired
5,500 housing units in the Netherlands since establishing a Dutch subsidiary in 2014 and appointing Peter
Helfrich as its CEO. But lack of product has thwarted many growth plans.
The lack of available residential product in the market has been disappointing. Dutch housing corporations,
the key potential vendors of existing stock, are failing to sell or are selling mostly to one another, thereby
undermining government moves to liberalise the sector. The opportunities in other Dutch cities are
particularly in the housing segment with rents between € 600 and € 950 per month. ‘We’re not planning
to develop ourselves, but will work with sub-contractors. A key condition is that the demographics are
favourable and that the product is sustainable, innovative and of good quality.’
International investors tend to favour the regulated segment of the market, which accounted for around
52% of all residential purchases in 2014, in contrast to Dutch institutional funds which focused on newbuild properties in the Randstad urban agglomeration. Other foreign entrants to the market in 2014 besides
Patrizia and Round Hill included Aventicum, BNP Paribas REIM Germany and Heitman.
In the industrial sector, particularly the light industrial segment, trading has also been brisk with a number
of portfolios changing hands. Again, cross-border investors were among the most active buyers in 2014.
Global private equity firm HIG Capital scored a hat trick of deals by buying three portfolios through its
affiliate Bayside Capital, bringing the value of its Dutch portfolio to € 100 million. UK REIT Hansteen was
also active, acquiring 370,000 m2 of multi-let industrial space in a complex transaction from a distressed
entity for € 106 million, or a gross income yield of 14.5%. Another recurrent name is MStar Europe, a joint
venture between London-based M7 Real Estate and Starwood Capital Group. In August 2014, it picked up
10 warehouses in the Randstad area from fund manager Rockspring for € 71 million.
Two new trends seem to have shaped the Dutch market in 2015 compared with 2014: an increased use of
leverage as financing has become more readily available; and more Asian institutional players have sought
to channel funds into what they perceive as a stable, core market.
12
Chapter 1: Introduction to the Dutch Real Estate Investment Climate
With restrictions being lifted on investment abroad by Asian insurers and pension funds, their allocation
to real estate ‘will grow quickly in the coming years’, they noted. AXA Real Estate, acting for Chinese
conglomerate HNA, picked up the 5-star NH Grand Hotel Krasnapolsky in Amsterdam for € 157 million
in 2013. Asian investors also joined the bidding fray for a number of properties in 2014. Singapore’s First
Sponsor acquired an office building in Amsterdam from AEW Europe along with a number of Singaporean
private investors, as well as (along with three other co-investors) the DeltaLloyd office portfolio including
the Mondriaan Tower, for € 205 million. German fund manager Union Investment Real Estate appears to
be sated following its buying spree in Amsterdam in 2014 which propelled it into one of the largest foreign
commercial property landlords in the Dutch capital.
In January 2015, Union Investment acquired the new headquarters of law firm Stibbe in the Zuidas
business district for € 54 million from developer Dura Vermeer. That acquisition followed the purchase of a
neighbouring project, also being developed by Dura Vermeer, for Dutch coatings specialist AkzoNobel, for
€ 82 million or a yield of 6.2%. And in April, it added the ITO + SOM office complex to its clutch of assets in
the Zuidas area for around € 244 million or a gross initial yield of 6.7%. The Hamburg-based company also
acquired the 4-star Radisson Blu hotel in Amsterdam for an estimated € 90 million, or € 360,000 per room.
German investor Allianz Real Estate said it was partnering with an unnamed Asian party to access the
booming Dutch residential property market by pumping € 600 million into local institutional platform
Vesteda. The move is significant as it marks the first foreign equity infusion into Vesteda – which manages
a € 3.7 billion platform. Characteristic of Asian players, many are operating below the radar. In January, an
unnamed Japanese investor ploughed € 250 million into asset manager ASR’s Dutch Prime Retail Fund,
bringing foreign capital in the fund to € 785 million.
With prime yields compressing to ultra-low levels in their home markets – yields in Tokyo are at 3.25%
and an even keener 2.8% in Hong Kong – Asian investors are looking to Europe for better spreads. But
with yields also tightening in Paris and London (3.75%), Amsterdam currently offers the best spread
internationally at 45 basis points.
An increased use of debt finance is also seen oiling the market in 2015. Compared with 2014, when the
majority of deals was financed with equity, more transactions are leveraged in 2015 as debt is easier to
obtain, whether from traditional bank or alternative sources.
Forecast 2016-2020
The Dutch economy is expected to maintain its positive momentum over the next five years, according to
figures from the government’s macroeconomic think-tank CPB. This forecast is based on a modest growth
scenario under which demand for housing is seen rising from 7.1 million to 7.8 million homes between 2015
13
and 2020. As existing new-build sites will not be able to meet this demand, the country will face a shortage
of homes, particularly in the mid-priced rental segment in the four biggest cities (Amsterdam, Rotterdam,
The Hague, Utrecht).
In the office sector, demand for space is expected to rise to 73 million m2 in 2020 compared to a current
inventory of 70 million m2 with 15% vacancy level. This demand is based on replacement needs totalling 3
million m2 and new office space requirements of 2 million m2. With 15% of the office stock currently being
offered for lease purposes, substantial vacancy levels will remain at poorer locations. Demand will continue
to focus on central locations in the 10 biggest cities with good public transport connections. To meet that
demand, several complex and long-term redevelopments will be needed, resulting in temporary shortages
of space.
The retail sector, which currently totals 53 million m2 of space, will increase only slightly in size to 54 million
m2 by 2020, with growth being concentrated in the top 20 retail cities. PropertyEU expects shop vacancies
in midsized Dutch cities and towns will increase, partly as a result of rising online sales.
Dutch legal landscape
Like the country’s political and economical landscape, the Netherlands’ legal landscape is characterised
by stability and the rule of law. The Dutch law system is based on civil law, as are the German, Belgian, and
French legal systems. Unlike countries like the UK, where common law forms the basis of the law, the civil
law system is based on the belief that laws should be codified in advance instead of being created along
the way by case law. This distinction makes the Dutch civil law system a very stable and balanced one.
Unlike in other civil law countries such as Germany, Belgium, and France, Dutch legal practice allows
notaries to operate within the same law firm as attorneys at law and tax advisors. As a result, Dutch
practice comprises extremely efficient and integrated procedures for investing in real estate. Attorneys, tax
consultants, and civil-law notaries from a single firm usually work together for the buyer or the seller, with
the civil-law notary’s role being partisan on some occasions and non-partisan on others, depending on the
agreements the parties have made in this respect.
Moreover, the Netherlands has an extremely reliable land register system. All notarial deeds regarding real
rights to Dutch real estate are recorded in the land register, which creates a high degree of certainty with
regard to the title (or another, limited entitlement) to Dutch real estate, as well as any restricted rights with
which that property is encumbered and any special registrations imposed by the government, such as
those having to do with environmental risks.
Source: PropertyNL
14
Chapter 1: Introduction to the Dutch Real Estate Investment Climate
Facts
& figures
Take-up figures
Office space >500 m²
Type of deals in %
Difference in %
Conglomerate Amsterdam
41
Conglomerate The Hague
min 12
Conglomerate Eindhoven
min 43
Conglomerate Rotterdam
89
Conglomerate Utrecht
Drenthe
Friesland
34
*of which 26%
residential portfolios
min 8
69
Limburg
min 74
Noord-Brabant
min 34
Noord-Holland
61
Overijssel
Single asset deals
530
73
Groningen (province)
Portfolio deals*
45%
min 30
Flevoland
Gelderland
55%*
Increase number of transactions
114
2014 through Q3
2015 through Q3
min 32
Q1
123
151
Zeeland
27
Q2
124
164
Zuid-Holland
44
Q3
139
146
Total
13
Total
386
461
Utrecht (province)
Source: PropertyNL Research
15
Investment Dutch market first 9 months
Investment
Dutch market
first 9 months
in €
mln
% foreign
investors
Office
Retail
Industrial
(incl logistics)
Residential
2007
7471
40
4718
772
1131
850
2008
3554
24
1450
1433
671
2009
2978
21
983
591
806
2010
3879
21
1212
1515
2011
3273
28
855
2012
3368
22
2013
2025
2014
2015
Hotel
Other
478
47
73
313
675
29
135
901
553
580
207
177
1314
725
302
816
133
78
43
807
417
232
413
127
29
6268
66
1956
847
842
1843
575
205
6383
49
2153
1546
767
1421
354
142
Top-5 portfolio deals 2015
Portfolio deal
Purchase price (x € 1 mln)
Buyer
Seller
Wereldhave buys 9 shopping
centres from Klépierre
730
Wereldhave
Klépierre Management NL
AccorHotels Group buys 11
hotels in the Netherlands
234
Event Hotels
Accor
Tristan Capital buys office
portfolio Generali
212
Tristan Capital
Partners
Generali
Verzekeringsgroep
> 150
Ares
IVG
109
HS One/Maples
Fiduciary
Elizen Vastgoed
Ares buys office portfolio IVG
Eljans- retail portfolio
Source: PropertyNL Research
16
Chapter 1: Introduction to the Dutch Real Estate Investment Climate
Facts
& figures
Top-5 single asset deals 2015
Location
Description
Purchase price (x 1 mln)
Buyer
Seller
Amsterdam
Rokin Plaza
108
Vastned Retail
Rocking Plaza
Amsterdam
Number One
(Hema headquarters)
89
MMZ Properties
Amsterdam
Waterfront
Amsterdam
Haarlerbergpark
88
Moor Park Funds
ING Bank
The Hague
MegaStores
66
CQS (UK) LLP
ING Real Estate
Amsterdam
Former Palace of Justice
61
CTF Amsterdam
M7 Development
Take-up development Q1-Q3 2015
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2008
2009
2010
2011
Industrial
2012
Office
Source: PropertyNL Research
2013
2014
Retail
2015
17
Factsheet 5 largest cities
Take-up office >500 m² t/m Q3 2015
Take-up office >500 m² t/m Q3 2014
Office contract extention >500 m²
Office for sale >500 m²
Investment volume (x € 1 mln)
Largest office transaction in Q1
Amsterdam
The Hague
175.250
43.125
64.000
16.500
68.000
16.500
1.061.000
499.500
1.896
125
ING Bank, 27.600 m², Frankemaheerd 2
Shell, 10.500 m², Oostduinlaan 2
Rotterdam
Utrecht
66.250
29.000
13.500
5.100
13.500
18.200
695.500
401.000
417
185
Nationale Politie, 16.500 m², Marten Meesweg 35
Propertize, 2800 m², Daalseplein 1
Eindhoven
G5 Total in m2
175.250
329.500
64.000
106.100
68.000
115.400
1.061.000
2.912.000
1.896
2.737
Dela, 2300 m², Oude Stadsgracht 1
Source: PropertyNL Research
18
Chapter 1: Introduction to the Dutch Real Estate Investment Climate
234
Authors
Authors
Saskia Bijl de Vroe is a senior associate in the Taxarion Group. She specializes in
Netherlands tax law, advising Dutch and international clients in a number of areas
including corporate restructurings, financing transactions, share/bond issues,
mergers and acquisitions and share related remuneration.
Nico Blom is a partner in the Taxation Group. He specializes in tax aspects of
structured finance, securitization, cross-border financing, funds (including real
estate), joint ventures, mergers and acquisitions. He has been involved in a wide
variety of financing transactions, ranging from acquisition finance, asset finance and
project finance.
Audrey Derep is an associate in the Luxembourg Taxation Group. In that capacity,
she assists clients on all kinds of tax matters including the tax aspects of structured
finance, tax advice in the context of M&A, real estate, private equity and venture
capital transactions.
David van Dijk is a partner in the Real Estate and Infrastructure Group and heads
the firm’s Real Estate Services Group. He specializes in commercial real estate, with
emphasis on investments and dispositions, investment funds, project development,
asset management, property finance as well as real estate related litigation.
David van Ee is a partner in the Real Estate and Infrastructure Group. He specializes
in transactions, procurement and litigation relating to infrastructure, industrial
construction and real estate. He is a coordinating member of the teams advising on
major PPP projects in the Netherlands.
Frans van der Eerden is a partner in the Banking & Finance Group. He specializes
in financial regulation. He advises nationally and internationally active financial
institutions in respect of securities law, derivatives and financial supervision.
235
Jean Marc Groelly is a partner in the Luxembourg Taxation Group. He specializes
in international tax law with a particular focus on the tax aspects of investment funds,
private equity, real estate, M&A and structured finance transactions. He advises
corporate groups in their tax planning including in relation to their intellectual property.
Bernard ter Haar is an advisor in the Real Estate and Infrastructure Group. He
specializes in compulsory purchases, construction law, procurement and litigation.
Bernard is counsel to several municipalities and companies in real estate projects.
Harm Kerstholt is a partner in the Corporate Group and head of the Energy & Utilities
Industry Group. Harm primarily works for clients in the energy and natural resources
industry in a number of areas including public law, regulatory law, corporate/M&A,
litigation and arbitration, real estate and infrastructure.
Willem Keukens is a senior associate in the Banking & Finance Group and specialises
in Restructuring & Insolvency. He advises on matters of Dutch security rights and
insolvency law and advises on various types of financing transactions, including asset
based lending. Willem also regularly litigates in insolvency related disputes.
Anne-Marie Klijn is a partner in the Public Law Group. She specializes in advising
companies and governmental bodies in all areas where government has a direct
influence on society. This involves spatial planning, environment, nature, energy, traffic
and transport, government liability, compensation for damages and planning blight.
Kees Koetsier is a partner in the Real Estate and Infrastructure Group. He has a
broad transaction based practice focusing on commercial real estate, aircraft finance
and corporate structuring. He advises on property law and corporate law aspects of
transfer of seat, joint ventures, corporate restructurings and finance.
236
Authors
Paul Loeb is a senior associate in the Real Estate and Infrastructure Group. He is
active in civil and administrative matters and specializes in governmental liabilities,
drafting, negotiation and compliance of contracts, expropriation, ground lease, and
procurement law.
Frederike Manzoni - Van de Kuilen is an associate partner in the Real Estate
and Infrastructure Group and specializes in tax law, in particular VAT and customs
duties. Her practice consists mainly of advising national and international clients on
the VAT and customs-related aspects of national and international M&A and financing
transactions.
Arief van Rhee is a partner in the Real Estate and Infrastructure Group. He specializes
in (commercial) property and corporate law. He focuses on real estate development
projects, transactions regarding commercial property and property finance. He
advises prominent local real estate asset managers, real estate developers and also
international clients.
Herman Speyart is a partner in the Competition Group. He is a specialist in the
area of cartels, distribution systems, dominance, merger control, state aids and
public procurement. He assists in major procurement cases, advises companies on
their distribution systems and has been involved in the recent bank recapitalization
operations.
Frank Spraakman is a senior associate in the Real Estate and Infrastructure Group.
He specializes in commercial real estate, with emphasis on in-/divestments, leasing,
project development and litigation.
Jorieke van Strijen is a senior associate in the Real Estate and Infrastructure Group.
She specializes in commercial real estate and leasing. She advises in all real estate
matters, particularly leases and works on behalf of property management companies
for business and residential premises, development companies and lessees of
business premises.
237
Teun Struycken is a partner in the Banking & Finance Group and specialises in the
law on restructuring & insolvency, secured transactions and asset based lending, both
domestic and trans-Atlantic. He has substantial experience with the restructuring
of multinational and domestic groups of companies, and advises both lenders and
borrowers.
Diederik Vriesendorp is a partner in the Banking & Finance Group. He advises both
lenders and borrowers on a wide range of financing transactions, including acquisition
finance, restructuring, general corporate lending and real estate financing.
Harald Wiersema is a senior associate in the Public Law Group. He specializes
in general administrative law, with a focus on environmental and zoning law, energy
law and government liability. He advises companies and public government entities
strategically and substantively on various subjects, including zoning plans, permits,
administrative enforcement and government shareholdings.
238
Authors
Offices
Amsterdam
Beethovenstraat 400 | 1082 PR
P.O. Box 7113 | 1007 JC Amsterdam
T +31 20 71 71 000
Brussels
Chaussée de La Hulpe / Terhulpsesteenweg 120
B-1000 Brussels
T +32 2 566 80 00
London
2 Copthall Avenue
London EC2R 7DA
T +44 207 786 9100
Luxembourg
2, rue Jean Bertholet
L-1233 Luxembourg
T +352 26 12 29 1
New York
One Rockefeller Plaza
NY 10020 New York
T +1 212 218 2990
Rotterdam
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Weena 800 | 3014 DA
www.nautadutilh.com
P.O. BOX 1110 | 3000 BC Rotterdam
realestateservices@nautadutilh.com
T +31 10 224 00 00